Question 1

Who prepares the P&L statement?

Accepted Answer

It must be prepared and signed by a licensed CPA or tax professional. Self-prepared P&Ls are not accepted.

Question 2

Can I use a P&L loan for a Del Mar jumbo purchase?

Accepted Answer

Yes. Non-QM lenders offer P&L programs above conforming limits. Expect larger down payments and reserve requirements.

Question 3

Do I need tax returns for a P&L loan?

Accepted Answer

No. That's the point. Your CPA-prepared P&L replaces tax return income verification entirely.

Question 4

What credit score do I need?

Accepted Answer

Most P&L lenders want 680 or higher. Some go lower with stronger down payments and reserves.

Question 5

How is my income calculated from the P&L?

Accepted Answer

Lenders use your net profit shown on the P&L. Some apply an expense factor. Every lender calculates this differently.

Question 6

How does a P&L loan compare to a bank statement loan?

Accepted Answer

Bank statements use your deposit history. P&L loans use your CPA's reported profit. The better option depends on your financials.

P&L Loans for Self-Employed Buyers in Del Mar